Posted by Alex Jackson on June 24, 2016
If you missed out last year, here is your chance to cash in on a monster promotion Amazon’s Prime Day. Prime day is scheduled for this July the exact day has not yet been announced. In 2015 to celebrate Amazon’s 20th anniversary they launched their first Prime day on July 15th. While there were some thumbs down reviews, on some of the lighting deal items the stats were quite impressive. Overall sales increased by 93% for the event, surpassing the previous year’s black Friday sales and a massive 300% increase in unit sales growth for FBA sellers. Amazon is not blind to the fact that last year’s lightning deals were somewhat lackluster and according to reports they are being far more selective about the product mix, meaning better deals and better mix of products. Combine this with the millions in ad dollars that will go into promoting this sale and this should translate into a Christmas in July scenario for marketplace sellers. So what should you be doing to prepare for the event here’s a few pointers.
1.Stock up- Since Prime day fell in the middle of the month last year expect them to run it at roughly the same time. This means we are approximately 3 weeks out from the promotion so if your inventory is low stock up now.
2.Load, load, load- Don’t procrastinate on processing that last order you got in from fox liquidation you can’t sell it if it’s not listed and ready to ship.
3.Create your own sale- Did not get an invite from amazon to participate? Don’t worry create your own consider doing a promo of free shipping or discount to draw in those deal shoppers.
4.Clean out- In case you missed our recent article on Amazons FBA storage fees rates are going up in November and December. Now would be a great time to push those lagging sku’s out before the cost of storing them goes sky high for the holiday season.
5.Don’t lose the profit war on the price battle- The temptation can be great at a time like this to race to the bottom on pricing so be aware of your actual costs remember sale and actual profit are the goal.
Don’t look a gift horse in the mouth here promotions like this do not happen often and we are still months away from the busy holiday season so gear up and get ready for some prime day sales.